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Dec 31, 2022
CACI Q2 2023 Earnings Report
CACI reported strong growth in revenue and contract awards, but a decrease in net income and EPS for Q2 2023.
Key Takeaways
CACI International Inc. announced its fiscal year 2023 second-quarter results, reporting an 11% increase in revenues to $1.6 billion. However, net income decreased by 3.5% to $87.1 million, and diluted EPS decreased by 3.9% to $3.68. The company secured $3.5 billion in contract awards during the quarter.
Revenues increased by 11% year-over-year, driven by organic growth and acquisitions.
Contract awards totaled $3.5 billion, with 70% for new business.
Total backlog increased by 10% to $26.5 billion.
Diluted earnings per share decreased due to higher interest expense and a higher tax rate.
CACI
CACI
CACI Revenue by Segment
Revenue by Segment
Department of Defense Revenue
CapyFin.comFederal Civilian Agencies Revenue
CapyFin.comCommercial and Other Revenue
CapyFin.comCost-plus-fee Revenue
CapyFin.comFixed-price Revenue
CapyFin.comTime-and-materials Revenue
CapyFin.comPrime Contractor Revenue
CapyFin.comSubcontractor Revenue
CapyFin.comExpertise Revenue
CapyFin.comTechnology Revenue
CapyFin.com Forward Guidance
CACI provided fiscal year 2023 revenue guidance of $6.475 - $6.675 billion, adjusted net income of $420 - $440 million, adjusted diluted earnings per share of $17.65 - $18.49, and free cash flow of at least $320 million.
Challenges Ahead
- Free cash flow guidance incorporates a $95M reduction due to Section 174 of the Tax Cuts and Jobs Act of 2017 not being changed or repealed.
- Current fiscal year 2023 free cash flow guidance now assumes $95 million in tax payments related to Section 174 of the Tax Cuts and Jobs Act of 2017.
- Adjusted net income and adjusted diluted earnings per share are excluding intangible amortization expense and the related tax impact.
- Free cash flow is defined as net cash provided by operating activities excluding MARPA, less payments for capital expenditures.
- The guidance is based on views as of January 25, 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income